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Today's Prices (Fri pm)


CME LIVESTOCK:  Live Cattle: $188.45 (+3.10); Feeder Cattle: $252.975 (+3.975); Hogs: $88.075 (+1.45)


CME GRAINS:     Corn: $4.1225 (-0.035); Wheat: $5.60 (-0.175); Soybeans: $11.43 (+0.1475); Soybean Meal: $334.00 (+0.70)

STOCK UPDATE:  Dow 30: 39,087.38 (+90.99); Nasdaq: 16,274.94 (+183.02); S&P 500: 5,137.08 (+40.81) (S&P 500 And Nasdaq 100 Roar To Record Highs On Tech Strength)


ENERGY PRICES:   Crude Oil: $79.97 (+1.71); Ethanol: $1.5175 (+0.0275); Natural Gas: $1.835 (-0.025) (Nat-Gas Prices Under Pressure as Above-Normal Winter Temps Continue)


BOXED BEEF:   Choice: $305.28 (+1.08); Select: $295.74 (+1.56); Ch/Se Spread: 9.54; Total Loads: 103 compared to 130 on Thursday


To view COMMODITY QUOTES, click here...

To view the most recent prices and news, please visit the U.S. Cattle Report Channel.

 

Highlights (Cattle Report Channel)

  1. Boxed beef up $1.08 on Fri to $305.28
  2. AMARILLO:  Sunny, with a high near 74. Breezy, with a west southwest wind 10 to 15 mph  (SAT)
  3. CATTLE TRADE:  Steady to $1 higher at $183.00
  4. CATTLE ON FEED:  Inventory up slightly;  Placements down 7%
  5. Weekly cattle slaughter at 599K head, WTD up 6K
  6. Gas prices down 2 cents this week to $3.25, down $0.09 from last year
  7. Diesel prices down 5 cents this week to $4.06, down $0.24 from last year
  8. Daily drop unch on Fri at $11.64
  9.  RTI (7-Day Feeder Cattle Index):  $248.63  (+0.78)
  10. JOPLIN REGIONAL (USDA):    Feeder steers under 625 lbs. sold $3-12 higher with some 4-weight steers selling $20.00 higher. Receipts reported at 12,173 head, compared to 15,769 last reported and 6,932 last year
  11. Beef Production down 3% from last week, cattle weights down 1 lb
  12.  BEEF EXPORTS:  Another slow week at 12.2K mt
  13. NATURAL GAS:   Henry Hub down 46 cents to $1.51

CATTLE TRADE:  Cash trade at $183

Thus far for Friday in the Southern Plains negotiated cash trade has been mostly inactive on light demand. The most recent market in the Southern Plains was Wednesday with live FOB purchases traded at 183.00. In Nebraska and the Western Cornbelt negotiated cash trade has been slow on light demand. The most recent market was Wednesday with live FOB purchases from 183.00-184.50 with dressed delivered purchases at 290.00. The most recent market in the Western Cornbelt was Wednesday with live FOB purchases traded from 183.00 -184.00, with dressed delivered purchases at 290.00.

CATTLE ON FEED:  Inventory up slightly;  Placements down 7%

Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 11.8 million head on February 1, 2024. The inventory was slightly above February 1, 2023.   Placements in feedlots during January totaled 1.79 million head, 7 percent below 2023. Net placements were 1.71 million head. During January, placements of cattle and calves weighing less than 600 pounds were 370,000 head, 600-699 pounds were 395,000 head, 700-799 pounds were 475,000 head, 800-899 pounds were 377,000 head, 900-999 pounds were 105,000 head, and 1,000 pounds and greater were 70,000 head.  Marketings of fed cattle during January totaled 1.84 million head, slightly below 2023.    Other disappearance totaled 81,000 head during January, 29 percent above 2023.

NATIONAL DROUGHT MONITOR

Several weather systems moved across the contiguous U.S. (CONUS) during this U.S. Drought Monitor (USDM) week (February 21-27). Their fronts and surface lows spread rain and snow across parts of the West at the beginning and end of the week, and over the Tennessee to Ohio Valleys and Appalachians at mid-week. 

U.S. EXPORT SALES: Another slow week at 12.2K mt

Net sales of 12,200 MT for 2024 were down 3 percent from the previous week and 26 percent from the prior 4-week average. Increases were primarily for Japan (4,300 MT, including decreases of 300 MT), South Korea (2,000 MT, including decreases of 400 MT), Mexico (1,300 MT, including decreases of 100 MT), Hong Kong (900 MT, including decreases of 100 MT), and Taiwan (800 MT, including decreases of 100 MT). Exports of 15,900 MT were up 1 percent from the previous week, but unchanged from the prior 4-week average. The destinations were primarily to Japan (4,000 MT), South Korea (3,900 MT), China (2,600 MT), Mexico (2,000 MT), and Taiwan (1,000 MT).

Beef Production Up 1% From Last Week, Cattle Weights Up 2 Pounds From Last Week

The weekly beef production is estimated to be 496.9 million pounds, marking a 1% increase from the previous week but a 3.2% decrease compared to the same period last year. Year to date, beef production stands at 4.47 billion pounds, reflecting a 4.2% decline from last year's figures.  Regarding cattle slaughter, the weekly estimate is approximately 599,000 head, representing a 1% increase from the previous week and a 4.3% decrease from the same time last year. Year to date, cattle slaughter totals 5.36 million head, indicating a 5.3% decrease from last year's numbers.

Livestock Comments:  Dr. Andrew Griffith

Prices are much higher than one year ago, so some folks may be looking to purchase lighter cattle in order to stretch their dollars over more cattle than when purchasing heavier weight calves. These are all speculative statements, but they are certainly factors playing into a cattle buyer’s mind as they make purchase decisions. Another consideration is purchasing heifers or bull calves instead of steers, but this decision is less likely to narrow the price spread between different sexes of animals. 

CATTLE SLAUGHTHER:    Weekly cattle slaughter reported at 599K head, compared to 593K last week and 626K last year. YTD slaughter at 5.36 million head, down 5.3% from last year

THE BEEF READ:    Cash Holding On... The negotiated fed cattle trade commended yesterday at generally steady money in the south and thus far today, northern cattle feeders are passing mostly steady bids, though $183.50 is being passed in western Nebraska. When it’s all said and done it feels like this week’s average will be maybe 0.50/cwt higher than a week ago, which would push it just over $183 (THE BEEF)

DAILY DROP:   The hide and offal value was estimated at $11.64, unch from Thu

Rob Cook, RobCookKC@gmail.com